Week 48 was quite heavily traded with a slight downturn in price on Fridays trading. More focus was seen on Week 49 which traded up marginally on cold weather and more shorts in the market. Not surprisingly Christmas week also traded in volume, at just under £50. This is a £30+ discount to two weeks previous, and this looks a good buy although demand will be down that week, because Christmas Day is on a Sunday the effects of a three day drop in demand during mid week, is less likely. The week before will be a busy trading week, with traders squaring year end positions, and making sure that there are no anomalies featuring in next years P&L.

More focus was seen on Winter 06 with a few options positions being quoted (volatility at 42%-47% for at the money puts) this is incredibly high volatility and buyers clearly expect the relentless moves not to stop.